The Study of the Relationship between Oil Price Shock and Economic Growth Comparing the Country Groups by Different Oil Self-producing Degree

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2010 Vol.47, Issue 4 Preview Page Next Page

The Study of the Relationship between Oil Price Shock and Economic Growth Comparing the Country Groups by Different Oil Self-producing Degree 석유자급도 분류에 따른 유가상승과 경제성장의 관계 국제비교연구: 김지환
Kim, Ji-Whan

31 August 2010. pp. 415-422

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Abstract

Many studies presented the negative relationship in the view of individual country or industries level in particular country. This paper attempts to investigate the next three. The first is the relationship between oil price shock and economic growth across 21 OECD countries. The second is the difference of that relationship for lower oil self-producing countries relative to higher countries. The third is that difference for lower oil self-producing countries relative to countermeasure countries. The empirical results show that the relationship between them is commonly negative and that lower oil self-producing countries are more weaker than higher and countermeasure countries. Some empirical evidence has an important implication for lower self-producing countries.

Keywords

Oil price shock

Economic growth

Oil self-producing

Panel analysis

많은 선행연구들은 유가상승이 경제성장에 대해 음의 관계를 보인다는 이론적, 실증적 분석결과들을 제시하였는데, 대부분 특정 국가만을 대상으로 하거나 개별산업에 미치는 효과 등을 중심으로 연구되었다. 본 연구는 유가상승이 경제성장에 미치는 영향에 관해 OECD 21개국을 대상으로 하여 일반적으로 유가상승과 경제성장이 음의 관계를 보이는지 실증적으로 분석하였다. 또한 실증분석 대상국가를 석유자급도 특성으로 구분하여 국가그룹별 경제성장에 대한 유가상승의 영향을 추정하여 서로 비교하였다. 특히 이 국가그룹별 실증분석을 통해서는 석유자급도가 낮은 국가들에게 유가상승으로부터 경제성장이 받게 되는 음의 효과를 정책대안을 통해 완화할 수 있음을 보여 정책적 시사점을 준다.

키워드

유가충격

경제성장

석유 자급도

패널분석

References

Bernanke, B.S., 1983, Irreversibility, uncertainty, and cyclical investment. Quarterly Journal of Economics 98, 85.106.
Bohi, D.R., 1989, Energy Price Shocks and Macroeconomic Performance. Resources for the Future, Washington, DC.
Cunado, J., de Gracia, F., 2003, Do oil shocks matter? Evidence for some European countries. Energy Economics 25, pp. 137-154.
Cunado, J., de Gracia, F.P., 2005, Oil prices, economic activity and inflation: evidence for some asian countries. The Quarterly Review of Economics and Finance 45, pp. 65-83.
Ferdered, J., 1996, Oil price volatility and the macroeconomy: a solution to the asymmetry puzzle. Journal of Macroeconomics 18, pp. 1-16.
Hamilton, J., 1983, Oil and the macroeconomy since World War II. Journal of Political Economy 91, pp. 228-248.
Hamilton, J.D., 1988, A neoclassical model of unemployment and the business cycle. Journal of Political Economy 96, pp. 593-617.
Hamilton, J., 1996, This is what happened to the oil price.macroeconomy relationship. Journal of Monetary Economics 38, pp. 215-220.
Hamilton, J., 2001, A parametric approach to flexible nonlinear inference. Econometrica 69, pp. 537-573.
Hamilton, J., 2003, What is an oil shock? Journal of Econometrics 113, pp. 363-398.
Lee, K., Ni, S. and Ratti, R., 1995, Oil shocks and the macroeconomy: the role of price variability. Energy Journal 16, pp. 39-56.
Lee, K. and Ni, S., 2002, On the dynamic e;ects of oil price shocks: a study using industry level data. Journal of Monetary Economics 49, pp. 823-852.
Mork, K., 1989, Oil and the macroeconomy when prices go up and down: an extension of Hamilton’ results. Journal of Political Economy 91, pp. 740-744.
Pindyck, R.S., 1980, Energy price increases and macroeconomic policy. Energy Journal 1, pp. 1-20.
Rasche, R.H. and Tatom, J.A., 1977, Energy resources and potential GNP. Federal Reserve Bank of St. LouisReview 59 (June), 10.24.
Rasche, R.H., Tatom, J.A., 1981, Energy price shocks, aggregate supply, and monetary policy: the theory and international evidence. In: Brunner, K., Meltzer, A.H. (Eds.), Supply Shocks, Incentives, and National Wealth, Carnegie-Rochester Conference Series on Public Policy, Vol. 14. North Holland, Amsterdam.
Rodriguez, R. J., 2008, The impact of oil price shock: Evidence from the industries of six OECD countries. Energy Economics 30, pp. 3095-3108.
Solow, R.M., 1980, What to do (macroeconomically) when OPEC comes. In: Fischer, S. (Ed.), Rational Expecter, S. and Economic Policy. University of Chicago Press, Chicago.
Zhang, D., 2008, Oil shock and economic growth in Japan : A nonlinear approach Energy Economics 30, pp. 2374-2390.

Information

Publisher :The Korean Society of Mineral and Energy Resources Engineers
Publisher(Ko) :한국자원공학회
Journal Title :Journal of the Korean Society for Geosystem Engineering
Journal Title(Ko) :한국지구시스템공학회지
Volume : 47
No :4
Pages :415-422

[1] Bernanke, B.S., 1983, Irreversibility, uncertainty, and cyclical investment. Quarterly Journal of Economics 98, 85.106.

[2] Bohi, D.R., 1989, Energy Price Shocks and Macroeconomic Performance. Resources for the Future, Washington, DC.

[3] Cunado, J., de Gracia, F., 2003, Do oil shocks matter? Evidence for some European countries. Energy Economics 25, pp. 137-154.

[4] Cunado, J., de Gracia, F.P., 2005, Oil prices, economic activity and inflation: evidence for some asian countries. The Quarterly Review of Economics and Finance 45, pp. 65-83.

[5] Ferdered, J., 1996, Oil price volatility and the macroeconomy: a solution to the asymmetry puzzle. Journal of Macroeconomics 18, pp. 1-16.

[6] Hamilton, J., 1983, Oil and the macroeconomy since World War II. Journal of Political Economy 91, pp. 228-248.

[7] Hamilton, J.D., 1988, A neoclassical model of unemployment and the business cycle. Journal of Political Economy 96, pp. 593-617.

[8] Hamilton, J., 1996, This is what happened to the oil price.macroeconomy relationship. Journal of Monetary Economics 38, pp. 215-220.

[9] Hamilton, J., 2001, A parametric approach to flexible nonlinear inference. Econometrica 69, pp. 537-573.

[10] Hamilton, J., 2003, What is an oil shock? Journal of Econometrics 113, pp. 363-398.

[11] Lee, K., Ni, S. and Ratti, R., 1995, Oil shocks and the macroeconomy: the role of price variability. Energy Journal 16, pp. 39-56.

[12] Lee, K. and Ni, S., 2002, On the dynamic e;ects of oil price shocks: a study using industry level data. Journal of Monetary Economics 49, pp. 823-852.

[13] Mork, K., 1989, Oil and the macroeconomy when prices go up and down: an extension of Hamilton’ results. Journal of Political Economy 91, pp. 740-744.

[14] Pindyck, R.S., 1980, Energy price increases and macroeconomic policy. Energy Journal 1, pp. 1-20.

[15] Rasche, R.H. and Tatom, J.A., 1977, Energy resources and potential GNP. Federal Reserve Bank of St. LouisReview 59 (June), 10.24.

[16] Rasche, R.H., Tatom, J.A., 1981, Energy price shocks, aggregate supply, and monetary policy: the theory and international evidence. In: Brunner, K., Meltzer, A.H. (Eds.), Supply Shocks, Incentives, and National Wealth, Carnegie-Rochester Conference Series on Public Policy, Vol. 14. North Holland, Amsterdam.

[17] Rodriguez, R. J., 2008, The impact of oil price shock: Evidence from the industries of six OECD countries. Energy Economics 30, pp. 3095-3108.

[18] Solow, R.M., 1980, What to do (macroeconomically) when OPEC comes. In: Fischer, S. (Ed.), Rational Expecter, S. and Economic Policy. University of Chicago Press, Chicago.

[19] Zhang, D., 2008, Oil shock and economic growth in Japan : A nonlinear approach Energy Economics 30, pp. 2374-2390.

Journal of the Korean Society of Mineral and Energy Resources Engineers ISSN:2288-0291(Print) 2288-2790(Online) 한국자원공학회지

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